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Five tips for small business owners during the pandemic

Businesses are struggling around the world during these unprecedented times. Through lockdowns, new regulations, shifting markets, restricted consumer interactions, and so many more factors, many small businesses worry about the future. Entrepreneurs are a tough group of people and not the kind to lay down easily; they struggle and fight for what’s theirs. We’re here to help. Here are six ways to help you keep your small business operating during these abnormal times.

BUDGET

At this stage, it will be necessary to reassess your business’s budget. If your business is feeling the crunch, watching how the money is spent becomes even more critical. It will be necessary to make some hard choices when budgeting. Consider your business’s essential needs and core values when determining what deserves priority.

FUNDING

Some businesses, especially those in the services industry, have been harder hit than others. For some companies, no amount of budgeting or planning will keep them afloat through the lockdown. Many of these companies just need to hang until they can open back up to full service again. Taking out a loan or securing additional funding may be necessary to keep your business afloat. Use of your government funds set aside for COVID can be an excellent source.

ADAPT

The ‘new normal’ represents a fundamental way the way people live their lives is changing. Eventually, the pandemic will end, and life will regain some normalcy, but the way that we live our lives from now on will be forever changed.

It’s uncharted territory, and the full effects of it aren’t yet apparent. What is clear, however, is that surviving and even benefiting from change requires adaptability. In business, just like in nature, natural selection has its way. The companies that are most likely to survive these times are those that are most adaptable to change. Use adaptation as an opportunity to improve your business. It may help turn your business into one that thrives in the ‘new normal’ instead of being a victim of it.

REASSESS BUSINESS PLAN

No one planned for this. As uncertain as the future is, and as much as the world is changing, it is safe to say that business goals are often missing the target. Reassess and rebuild your business plan to reflect on how the company will react and adapt to the current market. Uncertainty also provides the opportunity to step up and provide goods or services that meet needs.

SAFETY

Keeping a safe workplace is critical to success. Not many businesses can afford any more setbacks. However, business operations have changed, be sure that safety procedures are being followed, especially social distancing and sanitizing. Keeping employees safe and healthy will keep projects on track. Following COVID-19 guidelines will help keep everyone healthy and keep your business moving forward.

Starke Agency has been serving the River Region for over 90 years. We proudly provide insurance solutions and risk management advice to both businesses and individuals. Call us today, or contact us online to get a quote.